CARMEL, Ind., Sept. 30, 2014/PRNewswire/ -- The majority (62%) of America's middle-income cancer survivors say they were not financially prepared for cancer diagnosis and treatment, according to a new study released by the Washington National Institute for Wellness Solutions (IWS).

The study – Insights from Survivors: Managing the Personal, Emotional and Financial Impact of Cancer – surveyed 400 Americans who were 25 to 65 at the time of diagnosis and had received radiation or chemotherapy in the past 10 years. Two-thirds of respondents (65%), all with an annual household income between $35,000 and $100,000, did not have sufficient household income to cover treatment-related expenses and incurred debt. After treatment:

30% reported debt of $10,000 or more

15% reported debt of $20,000 or more

11% of those younger than 50, or who were diagnosed with Stage III or IV cancer, incurred more than $40,000 in debt

More than half of survivors (57%) felt that at least one aspect of their treatment cost more than they expected. They were also surprised by the extent of the direct and indirect expenses not covered by medical insurance.

Funding treatmentMore than half of the respondents (55%) withdrew from personal savings or investment accounts to finance treatment. Credit cards were used by nearly half (46%).

Although nearly half (46%) of all cancer patients in the U.S. are working age (younger than 65), younger survivors were markedly less prepared. Survivors younger than 50 were three times more likely to borrow money from friends and family (27 vs. 8%), or withdraw from their 401(k), than their older counterparts (24 vs. 9%).

Making diagnosis and treatment a priorityMore than four in 10 survivors (44%) advise others facing cancer to be proactive about their treatment. They recommend getting involved by doing research, paying attention to warning signs and discussing treatment with a doctor.

"Those battling cancer need to make their diagnosis and treatment a priority," said Barbara Stewart, president of Washington National. "Selecting the right facility, prioritizing and following treatment protocols, and seeking outside support are key for good outcomes."

A broad range of support systems are available to those who are facing cancer, but even so, the study finds that many personal, financial and emotional needs go unmet. One in four (25%) wished they could have talked more to other survivors through support groups. Among the support services the survivors recommended are:

Services of the American Cancer Society, including ACS Hope Club, ACS Reach to Recovery program and ACS Hope Lodge

Look Good Feel Better

Grocery delivery services and online shopping, such as Amazon.com

Cleaning for a Reason

Social media is a tool used by more than one-quarter of survivors (28%) to find and share information. Among those who used social media, Facebook was most popular, chosen by three-fourths (74%) of social media users.

However, nearly 9 in 10 (85%) cancer survivors look back on their experience and recognize that at least one aspect of life has actually improved. And, across all ages, genders and cancer stages, nearly half of survivors (45%) ranked living a healthy lifestyle a top priority following treatment, up from one-fourth (28%) before diagnosis.

"This study provides valuable insight from cancer survivors about all stages of diagnosis and treatment," Stewart added. "We hope these findings help cancer patients and their loved ones prepare for and overcome the emotional and financial hurdles of battling this disease."

MethodologyInsights from Survivors: Managing the Personal, Emotional and Financial Impact of Cancer is part of a series of studies commissioned by the Washington National Institute for Wellness Solutions. It was conducted in May 2014 by Zeldis Research, an independent research firm. The full report can be viewed at WNInstituteforWellness.com.

A nationwide sample of 400 middle-income Americans participated in the internet-based survey. All respondents:

Have a household income between $35,000 and $100,000

Had been diagnosed with cancer within the past 10 years

Received chemotherapy and/or radiation

Were between the ages of 25 and 65 at the time of diagnosis

Respondents were excluded if they had Medicaid insurance at the time of treatment. Significant subsample differences were tested at the 95 percent confidence level.

About the Washington National Institute for Wellness SolutionsThe Institute for Wellness Solutions is Washington National's research and consumer education program. The organization sponsors studies and supports awareness campaigns to help Americans meet the challenges of critical illnesses. Specifically, the institute provides insight and practical advice about wellness and illness prevention, illness care and treatment, and managing the total costs—financial and personal—of critical illnesses. To learn more, visit WNInstituteforWellness.com.

Washington National Insurance Company, a subsidiary of CNO Financial Group, Inc. (NYSE: CNO), has helped Americans since 1911 to protect themselves and their families from the financial hardship that often comes with critical illnesses, accidents and loss of life. The company remains dedicated to helping middle-income Americans who work hard and want to protect themselves and their loved ones. To learn more, visit WashingtonNational.com.